Jake Chervinsky, chief legal officer at digital asset manager Variant, believes the United States must take more substantial steps beyond creating a strategic Bitcoin reserve or digital asset stockpile if it truly wants to establish itself as the world’s crypto capital.
Bitcoin Reserve Alone Won’t Secure U.S. Crypto Dominance
Chervinsky shared his views on X, just days ahead of the White House’s Crypto Summit, responding to President Donald Trump’s executive order on the Strategic Bitcoin Reserve (SBR). While he acknowledges the importance of the reserve and digital asset stockpile, he argues that these measures alone are not enough to make the U.S. the global leader in cryptocurrency.
“Being ‘the crypto capital’ doesn’t mean holding the most crypto wealth compared to other countries. It means having the most innovation, the most jobs, the most influence, the most economic activity. To achieve that goal, the government must support businesses, not just assets.”
His comments come after Trump’s executive order, which outlined that the Bitcoin reserve would hold BTC seized or forfeited in criminal or civil proceedings, with the government refraining from selling these assets. The order also established a U.S. Digital Asset Stockpile, which would include other cryptocurrencies like XRP, Solana (SOL), and Cardano (ADA), but only through forfeitures—no new purchases.
What the U.S. Must Do to Lead in Crypto
While Chervinsky supports the administration’s decision to recognize Bitcoin as a strategic asset, he stresses that more comprehensive policies are necessary. He calls for:
- Stablecoin Legislation – Establishing a clear legal framework for stablecoins to ensure their use in mainstream financial systems.
- Market Structure Legislation – Defining how cryptocurrencies should be regulated under U.S. law.
- Securities Safe Harbor for Token Issuance – Providing clear guidelines that allow blockchain startups to issue tokens without fearing immediate regulatory crackdowns.
- Protections for Banking Access – Preventing unfair debanking practices that hinder crypto businesses from accessing financial services.
- Safeguards for Non-Custodial Software Developers – Ensuring developers who create decentralized applications or self-custody wallets are not held liable for how users interact with their software.
According to Chervinsky, regulatory clarity and durability are essential.
“The USA needs clear and durable rules of the road if we want to win. Clear, meaning entrepreneurs can build with total certainty that they’re on the right side of the law. Durable, meaning new leadership can’t easily rewrite those rules in the future.”
A Call for Broader Crypto Policy Reforms
The legal expert’s concerns also extend to ongoing regulatory challenges, such as crypto debanking and lawsuits from the U.S. Securities and Exchange Commission (SEC) against blockchain firms. He argues that while addressing these issues is a step in the right direction, it is still insufficient to ensure long-term U.S. leadership in the digital asset space.
His remarks reflect growing sentiment in the crypto community that the U.S. must move beyond asset stockpiling and focus on fostering a more supportive environment for blockchain innovation. With Trump’s upcoming Crypto Summit, many are eager to see whether the administration will take further steps toward regulatory clarity and business-friendly crypto policies.
While the creation of the Strategic Bitcoin Reserve and Digital Asset Stockpile signals a significant shift in U.S. policy toward crypto, Chervinsky and other industry leaders believe much more is required. The U.S. must not only accumulate digital assets but also create a regulatory landscape that promotes innovation, investment, and growth. As the debate unfolds, all eyes will be on the White House’s next steps in shaping America’s crypto future.
